The economy posted strong growth of 7% in the first quarter of this year compared to the same quarter of 2021, while compared to the fourth quarter of last year, GDP rose by 2.3%.
According to the quarterly national accounts published by ELSTAT, the 7% increase in GDP resulted from the following changes in the individual components:
-Total final consumption expenditure increased by 10.5% (household consumption rose by 11.6% and general government consumption by 1.8%).
-Private investment (gross fixed capital formation) increased by 12.7%.
-Exports of goods and services increased by 9.6% (exports of goods rose by 2.5%, while exports of services rose by 23%).
-Imports of goods and services increased by 17.5% (imports of goods rose by 17.8% and imports of services rose by 15.5%).
Meanwhile, compared to the fourth quarter of last year, the following changes occurred:
-Total final consumption expenditure increased by 2.5% (household consumption increased by 2.5% and general government consumption by 1.8%).
-Private investment (gross fixed capital formation) increased by 3.7%.
-Exports of goods and services fell by 3.6% (exports of goods fell by 0.3%, while exports of services fell by 5.4%).
-Imports of goods and services fell by 5.6% (imports of goods fell by 5%, while imports of services fell by 8.9%).
Chr. Staikouras: The Greek economy maintains strong momentum, despite mounting pressures
«The Greek economy continues to show strong momentum, despite mounting pressures,» said Finance Minister Christos Staikouras, commenting on ELSTAT’s data on GDP growth, while noting that «these results signal a strong start for GDP growth for the entire current year, laying the groundwork for growth that exceeds estimates.».
Specifically, the minister's statement reads as follows:
«Today, ELSTAT released preliminary data on the performance of the Greek economy during the first quarter of 2022. According to these figures, our country’s GDP increased by 7% compared to the corresponding quarter of 2021.
This is a particularly positive development, which significantly exceeds the European average and demonstrates that the Greek economy, despite the mounting pressures it faces from the energy crisis and the resulting waves of inflation, maintains strong momentum. Furthermore, the fact that GDP growth is underpinned, among other things, by a significant increase in investment and exports is encouraging for the economy’s prospects and momentum.
These results signal a strong start for GDP growth for the current year as a whole, laying the groundwork for growth that exceeds estimates.
With consistency, determination, and confidence in our own strengths—and building on what we have all achieved together—we continue on the challenging, yet upward path we have charted to lead our economy toward an environment of high and sustainable growth, the creation of more new jobs, and the strengthening of social cohesion.».
